Tex. Spec. Dist. Local Laws Code § 1002.252 · Subchapter F. DISTRICT FUNDS
AUTHORITY TO BORROW MONEY; SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board may borrow money for district obligations.
(b) To secure a loan or line of credit, the board may pledge:
(1) revenue of the district that is not pledged to pay the district's bonded indebtedness;
(2) taxes to be imposed by the district in the next 12-month period that are not pledged to pay the principal of or interest on district bonds; or
(3) district bonds that have been authorized but not sold.
(c) A loan for which taxes or bonds are pledged must mature not later than the first anniversary of the date on which the loan is made. A loan for which district revenues are pledged must mature not later than the fifth anniversary of the date on which the loan is made.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 1277, Sec. 1, eff. April 1, 2005.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 826 (S.B. 1861), Sec. 5, eff. June 14, 2013.
Acts 2013, 83rd Leg., R.S., Ch. 1119 (H.B. 3905), Sec. 5, eff. June 14, 2013.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/SD/htm/SD.1002.htm
- Text hash
- sha256 d8ec411f3abed52b35082b03ff5828a41476c81401e759d58964c26ab30818aa
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.